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Kingston Resources raises nearly $1 million in rights issue to fund further gold exploration

Funds raised in the rights issue will be used to further exploration work at the Livingstone and Misima projects.
Kingston Resources raises nearly $1 million in rights issue to fund further gold exploration
Kingston last traded at 1.5 cents a share

Kingston Resources Ltd (ASX:KSN) has raised $938,670 in its now closed pro-rata non-renounceable rights issue of one new share for every six ordinary Kingston shares held by shareholders.

Each new share was issued at a price of 1.6 cents each and will be dispatched to shareholders on June 6.

The company received acceptances for 58,666,858 new shares with the remaining shortfall under the entitlement offer being 192,793,865 shares.

READ: Kingston Resources completes drilling program targeting near-surface gold mineralisation at Misima project in PNG

Kingston managing director Andrew Corbett thanked the company’s shareholders for their ongoing support.

He said: “The Kingston team look forward to providing an update on the ongoing drilling program a Misima Gold Project in PNG and the next drilling program at the Livingstone Gold Project in Western Australia.”

READ: Kingston Resources gains two new substantial holders with a combined interest of nearly 22%

The company recently completed an 11-hole drilling program at its Misima project to provide infill and validation data in an area east of the historic Ewatinona open pit.

Current exploration work aims to deliver new near-surface mineralisation, as these are likely to have the largest impact on overall project economics.

Kingston expects near-surface ounces will boost cashflow in the early years as it develops access to the main Misima resource.

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